Interest. The interest rate of pawn loans varies by State. This is the rate charged to the borrower (you, in this case) for borrowing funds. It is a percentage of the principal.

In California, interest rate fees are generally 3% per month.

For example: You bring in a camera to a pawn shop in San Diego. Said pawn shop in San Diego offers you a $100 loan, for a $3% monthly interest rate. You’ll pay interests of $3 per month.

The term of the loan. Here´s the important part. Most pawn shops in San Diego offer 6-month loan terms. Pawn shops only allow for an item’s retrieval after the end of the term, as stated in your contract.

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